Vodacom Group (VOD) H1 2026 earnings summary

Executive summary

• Achieved double-digit growth in revenue, service revenue, and EBITDA for the six months ended 30 September 2025, with strong contributions from all major markets and segments, supported by a stable macroeconomic and currency environment.

• Customer base grew by 8.6% to 223 million, with 12 million net additions and significant progress toward Vision 2030 targets for digital and financial inclusion.

• Financial services and beyond mobile offerings now contribute 21.8% of service revenue, with financial services customers up 13.1% to 94 million.

• Net profit attributable to equity holders increased 33.1% to R9.1 billion, with headline EPS up 32.3% to 467cps.

• Strategic investments in infrastructure, ESG initiatives, and fibre expansion support Vision 2030 targets.

Financial highlights

• Revenue reached R81.6 billion, up 10.9% reported and 12.1% normalized year-over-year; service revenue grew 12.2% to R65.8 billion.

• Group EBITDA rose 14.7% to R30.5 billion, with a margin of 37.3%, up 1.2 percentage points year-over-year.

• Net profit attributable to equity holders was R9.1 billion, up 33.1% year-over-year; headline EPS at 467cps, up 32.3%.

• Free cash flow improved to R2.7 billion, reflecting improved working capital and finance cost management.

• Interim dividend declared at 330cps, up 15.8% year-over-year.

Outlook and guidance

• Targets double-digit group service revenue and EBITDA growth over the next three years, assuming stable macroeconomic conditions.

• Capital intensity ratio expected between 13.0% and 14.5% of group revenue, with capex to accelerate in H2.

• Vision 2030 aims for 260 million customers, 75% smartphone penetration, and 30% of service revenue from beyond mobile by 2030.